Magnetek Receives Orders Valued At Over $8 Million For E-Force® Renewable Energy Inverters
Magnetek, Inc. (NYSE: MAG) today announced that it has received production orders over the past five weeks for its E-Force ® power inverters valued at over $8 million. Magnetek's modular utility-scale power inverters regulate and transform DC power generated by renewable sources into utility-grade AC power, which is distributed to the power transmission grid. The orders received include inverters for wind turbines as well as an initial production order valued at nearly $1 million for inverters to be used in the operation of variable speed turbine generators for combined heat and power (CHP), a new market for the Company. The orders are currently scheduled for delivery between April 2011 and July 2011.
“We are pleased to receive these additional inverter orders. The use of our E-Force inverters in CHP turbine power generation is an exciting new application for our products and furthers our goal to become a major provider of utility-scale power inverters for renewable energy applications,” said Ed Butte, Magnetek’s Director of Renewable Energy. “We continue to actively quote applications beyond wind and see this order as a solid sign that the benefits of variable speed technology are being recognized in other markets.”
About Magnetek, Inc.
Magnetek, Inc. is a leading provider of digital power and motion control systems used in energy delivery, overhead material handling, and elevator applications. In addition to power conditioning products for renewable energy applications, the Company is North America’s largest supplier of digital drive systems for industrial cranes, hoists, and monorails. Magnetek provides Energy Engineered ® drives, radio remote controls, motors, and braking and collision avoidance subsystems to North America’s foremost overhead material handling crane builders. Magnetek is also the world’s largest independent builder of highly integrated digital motion control systems for high-rise, high-speed elevators and is a leading independent supplier of digital motion control systems for underground coal mining applications. Magnetek is headquartered in Menomonee Falls, Wis., in the greater Milwaukee area and operates manufacturing facilities in Pittsburgh, Pa., and Canonsburg, Pa., as well as Menomonee Falls.Special Note Regarding Online Availability of Magnetek Releases and Filings All Magnetek financial news releases and filings with the Security and Exchange Commission (“SEC”) are posted to the Magnetek website. Material and financial releases as well as SEC filings are available at www.magnetek.com . Automatic email alerts for these postings are available from the Investor Relations section of the site. Corporate and general releases as well as product information are also available at www.magnetek.com . Special Note Regarding Forward-Looking Statements This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the Company's expectations and are subject to risks and uncertainties that cannot be predicted or quantified and are beyond the Company's control. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying these forward-looking statements. These include, but are not limited to, economic conditions in general, business conditions in material handling, elevator, mining, and alternative energy markets, operating conditions, competitive factors such as pricing and technology, risks associated with acquisitions and divestitures, legal proceedings and the risk that the Company’s ultimate costs of doing business exceed present estimates. Other factors that could cause actual results to differ materially from expectations are described in the Company's Form 10-K and other reports filed with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934.
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